As of January 2019, qualifying active military and veterans have received an increase in their VA home loan benefit. Previously, qualifying service members could receive a loan for a single family residence up to $484,350 with as little as zero down in San Diego County.The new loan limit has been increased to $690,000 for San Diego County, increasing the affordability and housing options for our service men and women.
Why use your benefit?
The guarantee VA provided to lenders allows them to provide you with more favorable terms, including:
- No downpayment unless required by the lender or the purchase price is more than the reasonable value of the property.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- The lender can't charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
Your next steps:
- You don't have to be a first-time home buyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Since we are not loan officers nor mortgage brokers, to fully understand how these changes have impacted your purchasing power, we recommend you speak with a trusted lender who is well versed in VA loan options.
Are you active or retired military? Click here to learn more about your eligibility.
Want to find out what the VA loan limits are for areas outside San Diego County? Check here.
We're here to help guide you each step of the way. To discuss your future real estate goals, contact us directly here.